Consolidated Edison, Inc.

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Millions of Dollars)

	For the Nine Months Ended September 30, 2007			For the Twelve Months Ended December 31, 2006			For the Nine Months Ended September 30, 2006
Earnings
Net Income from Continuing Operations	$	722		$	738		$	537
Preferred Stock Dividend		8			11			8
(Income) or Loss from Equity Investees		(4	)		(1	)		(1	)
Minority Interest Loss		1			1			—
Income Tax		344			390			300
Pre-Tax Income from Continuing Operations	$	1,071		$	1,139		$	844
Add: Fixed Charges*		454			596			446
Subtract: Pre-Tax Preferred Stock Dividend Requirement		14			18			14
Earnings	$	1,511		$	1,717		$	1,276
* Fixed Charges
Interest on Long-term Debt	$	367		$	465		$	344
Amortization of Debt Discount, Premium and Expense		13			16			12
Other Interest		44			75			65
Interest Component of Rentals		16			22			11
Pre-Tax Preferred Stock Dividend Requirement		14			18			14
Fixed Charges	$	454		$	596		$	446
Ratio of Earnings to Fixed Charges		3.3			2.9			2.9